New Income Tax Forms 2014 (1700, 1701, 1702, June 2013 versions)

The Bureau of Internal Revenue (BIR) issued Revenue Regulations 2-2014 on February 4, 2014. These revenue regulations are issued to prescribe the new BIR forms that will be used for income tax returns (ITRs) filing covering and starting the taxable year ended December 31, 2013.

New BIR Forms

2. BIR Form 1701 version June 2013 (Annual Income Tax Return for Self-Employed Individuals, Estates and Trusts)

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3. BIR Form 1702-RT version June 2013 (annual income tax returns for corporations, partnerships and other non-individual taxpayers SUBJECT ONLY to the REGULAR income tax rate)

4. BIR Form 1702-EX version June 2013 (annual income tax returns for USE ONLY by corporations, partnerships and other non-individual taxpayers EXEMPT under the tax code, as amended, (Sec 30 and those exempted in Sec 27(C) and other Special Laws, with NO other taxable income)

5. BIR Form 1702-MX version June 2013 (annual income tax return for corporations, partnerships and other non-individuals with Mixed Income subject to multiple income tax rates or with income subject to special/preferential rate)

While the BIR forms were just revised in 2011, the BIR has again revised these reflecting the changes stated above.

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Orlando CalundanOrlando Calundan is a CPA who has exposures in FS audit of entities in various industries such as real estate, food/restaurants, manufacturing, service organizations and BPOs, automotive, holding/investment companies and more. He also has exposure on internal audit engagements.